Clear Capital: Home prices experience double dip in April

Home prices double dipped in the West, South and Northeast regions of the country, falling 0.7 percent below previous lows in March 2009, according to Clear Capital's most recent Home Data Index.

Overall, national home prices during the quarter are down 4.9 percent and are down 11.5 percent during the last nine months, representing the worst period of decline since 2008. However, prices are up 5 percent year-over-year.

Furthermore, each of the major Metropolitan Statistical Areas tracked by the HDI showed quarter-over-quarter declines, which offers little optimism for those seeking relocation. Also, the national saturation rate for real-estate-owned properties reached 34.5 percent.

"The latest data through April shows a continued increase in the proportion of distressed sales that are taking hold in markets nationwide," said Alex Villacorta, director of research and analytics at Clear Capital. "With more than one-third of national home sales being REO, market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales."

Further troubling, Clear Capital's current HDI found several parallels to totals from 2008, when the recession greatly affected many markets in the country.